Prime Minister Narendra Modi on Saturday launched India Post Payments Bank (IPPB). According to its network size, it is going to be the largest payments bank in the country. IPPB will have 650 branches and 3250 access points across the country. The government has said that it will link all the 1.55 lakh Post Offices in the country to the IPPB system by December 31. Speaking at the inauguration ceremony of India’s largest payments banks, PM Modi said, “Through India Post Payments Bank (IPPB), we will reach to every nook and corner of the country. Bank and banking services will be available at every person’s doorstep.”
Speaking at the IPPB launch, PM Narendra Modi slammed the Congress party for foisting bad debts on India. In an all-out attack at the United Progressive Alliance II (UPA) regime, PM Modi said that just a few days after his government (NDA) had come to power in 2014, they realised that the Congress had left the country’s economy on a landmine.
Raking the issue of Non-Performing Assets (NPAs), PM Modi said that NPA is a legacy of the UPA. The Prime Minister further added that not a single big loan was sanctioned during the present NDA government.
PM Modi also said that his government has identified 12 biggest bank defaulters who were given loans before 2014 and assured to the country that none of these big loans were given during the NDA government. Moreover, he added that the government was putting its best efforts forward to bring back these defaulters.
Mentioning about the services and products of India Post Payments Bank (IPPB), PM Modi said that people will be able to open savings & current account. It will have services like remittances & money transfers, direct benefit transfers, bill & utility payments, and enterprise & merchant payments. IPPB will also have products like counter services, micro-ATM, mobile banking app, SMS and IVR.
Prime Minister's Office (PMO) had earlier said, "IPPB has been envisioned as an accessible, affordable and trusted bank for the common citizen, to help speedily achieve the financial inclusion objectives of the Union Government."
As per a government statement, IPPB will accept deposits up to Rs 1 lakh, however, it won't be able to avail loan services. The new payments bank will work as an agent of the Punjab National Bank.
PM Modi also said that swift action is being taken against 12 biggest defaulters who were given loans before 2014. "I want to assure the country that none of these big loans was given by our (NDA) government."
Lauding his government efforts, PM Narendra Modi said that they have taken services of a banking system to poor man's doorstep.
Speaking at the IPPB launch, PM Modi said that new GDP figures show that the Indian economy is becoming strong. It will further boost the confidence.
Hitting out at the Congress party, PM Modi said that just a few days after his government came to power, they realised that the Congress had left the nation’s economy on a land mine.
As per a government statement, IPPB's services can be availed through multiple channels like counter services, ATMs, IVR (Interactive Voice Response) mobile banking app, SMS.
PM Modi also slammed the Congress era rule and said that NPA is a legacy of the United Progressive Alliance (UPA), while not a single big loan was sanctioned during the present NDA government.
PM Modi while speaking at the launch of IPPB said that his government has identified 12 biggest defaulters and they are putting their best efforts to bring them back.
India's largest payments bank will allow people to use services like savings and current accounts, money transfer, direct benefit transfers, bill & utility payments, and enterprise & merchant payments.
Speaking at the launch of India Post Payments Bank (IPPB), PM Modi said that his government is not going to shut down the old systems, but instead, it will reform and transform them to perform better.
Services of India Post Payments Bank has gone live the moment Prime Minister Narendra Modi launched India's largest payments bank in the country. People can use IPPB's services through 3,000 access points which have been established across the country.
The objective of launching India's largest payments bank is to avail banking services to India's hinterlands. As per the reports, all the 1.55 lakh post offices across the country are expected to be linked to IPPB by December 31.